On July 5, Crassus loaned Cesar $25,000 for 155 days at a simple interest of 10%....
On July 5, Crassus loaned Cesar $25,000 for 155 days at a simple interest of 10%. Crassus sold the note to Pompey for $25800. The simple discount rate used was 8%. On what date did Pompey buy the note?
Homework Answers
Interest rate = 8 % p.a. or 0.08/365 = 0.00021917808 per day
Crassus sold the note for $ 25,800.
Crassus got interest amount = Sales cost – Principal = $ 25,800 - $ 25,000 = $ 800
Interest amount = Principal x Interest rate x Time
$ 800 = $ 25,000 x 0.00021917808 x T
$ 800 = $ 5.479452055 x T
T = $ 800 / $ 5.479452055 = 146 days
Pompey bought the note on November 28 (i.e. July 5 + 146
days)
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